Bargain Fender uses a standard cost system and provide the following information (Click the icon to view the information) Bargain Fender allocates manufacturing overhead to production based on standard direct labor hours Bargain Fonder reported the following actual results for 2024 actual number of fenders produced 20.000, actual variable overhead, 54,420, actual foed overhead, $25.000 actual direct labor hours, 420 Read the requirements Requirement 1. Compute the overhead variances for the year variable overhead cost variance, variable overhead efficiency varianco, fixed overhead cost varianco, and foxed overhead volume variance Begin with the variable overhead cost and efficiency variances Select the required formulas compute the variable overhoad cost and efficiency variances, and identify whether each variance is favorable (F) or unfavorable (U). (You may need to simply the formula based on the data provided. Abbreviations used AC = actual cost AQ actual quantity, FOH = fixed overhead, SC = standard cost so standard quantity, VOH = variable overhead) Formula Variance VOH cost variance (AQ SQ) SC VOH efficiency variance (AQ - SQ) SC 575 F Static budget variable overhead $2,875 $23,000 Static budget fixed overhead 575 hours Static budget direct labor hours Static budget number of units 25,000 units Standard direct labor hours 0.023 hours per fender 1. Compute the overhead variances for the year: variable overhead cost variance, variable overhead efficiency variance, fixed overhead cost variance, and fixed overhead volume variance. 2. Explain why the variances are favorable or unfavorable